The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-07-31
WOUND UP.
The Philadelphia Columbian
Bank Shuts It's Doors.
NO STATEMENT OBTAINABLE
A Liberal victory-ordsred to Rome
Blaine and Sherman-B. q u
yellow Fever - Etc.
Bank Burst.

PHILADELPHIA, July 30.-The Colum
bian Bank, q state institution. closed
its doors this morning and on one door
a notice was posted stating that by or
der of the directors the bank would
make an assignment for the benefit OF
creditors. AT noon another notice was
issued, saying the assignment was made
to Edwin McGargee and F. P. Herman,
two attorneys. All efforts to obtains any
statement as to the amount of the IL
abilities or assets proved futile. both
the bank officials and the asslgnees oe-
claring that they had not time to IN
quire into the condition. of affairs as
vet. It is believed. however, the fail
ure is complete one. President Bell,
of the Farmers and Mechanics Bank,
with which the Columbia has kept
an account for several years, stated
that checks of the latter were
dishonored, because they hadno money
to their credit, and furthermore had no
securities Oh deposit, as was claimed
by the Colum bans officers. Mr.. Bell
said the securities referred to consisted
of checks and drafts on outside banks,
and that the Farmers and Me. chants
would not accept them except for col.
lection, and if they proved good the
money would be paid, but nothing
would be advanced. 1t is understood
from reliable sources that the chief
causes of the failure were advances
made on the Ives Stayner party of New
York, and advances on consignments of
merchandise shipped from South Amer
lea and other points, which were NJ t
taken up by the consignees, thus leav-
ing the bank in crippled condition. A
partial statement of the assets and liza
bilities is promised for this afternoon,
although tits doubtful if anything very
definite will be learned before thorough
examination is made and this will CON
sumo considerable time. The failure
caused some excitement in the city,
although among financial men it was
not much of a surprise.
NEW YORK, July 30.-The Posts
financial article says: There was no
definite cause assigned fer the decline
general attack which has been made on
the market the past week. The man
ayers of this attack on the market were
by the suspension of the
Columbian Bank of Philadelphia, which
it is claimed, supplied a considerable
CT the money by which
Henry s. Ives & Company where
enabled to carry on their negotiations
for some time At the Office of Ives
& Company, it was said, Ives was not
in the city. His partner, John II.
Stayner. was in, but too busy to talk.
1t was claimed this morning by friends
Of Ives that the Columbia Bank was
indebted to Ives d Company. The
general belief on the street is that the
account stands the other way.
At $50 pm, it was stated by officials |
that they would not issue q statement !
to-day, it being impossible to get the |
matter in shape to do it. Among the |
0ank's assets are bonds and stocks put |
Town at $133 900, but their market value |
S very doubtful. a gentleman who is
n a position to know said, this after
noon: THE status of the affair is lust
his When negotiations for the purchase
II the Baltimore 81 Ohio stock from
iobert Garrett were in progress, Ives
deposited considerable amount of |
money, as a margin, and when the ne
.otiations were declared at an end Ives
I'D not get his money back, and Garrett
vent to Europe, thus leaving it tied for
ome time at least. Therefore. Ives
Tas somewhat crippled and probably
nable to settle with the Columbian"
New YORK, July 30.-George q.
tayner, of Ives & Co., denies that any
ealings with his firm embarrassed the
Columbian Bank, and he says that the
ank is indebted to his firm in the sum
$65 900. Ives, he says. has gone to
incinnati to attend railroad meeting.